Evraz back in black

JSE-listed vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium has returned to profit after suffering big losses during 2012.

On Monday the group reported an operating profit of R50 million for Q1 2013, which compared to an operating loss of R283 million in the December 2012 quarter.

EBITDA was R124 million, while headline profit hit R30 million for the quarter under review.

Evraz said the turnaround was down to increased sales, higher vanadium prices and significant cost reductions.

Revenue increased to R1.4 billion during Q1.

Image: © Evraz Highveld Steel and Vanadium

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